1. Field of the Invention
The present invention relates to techniques for detecting fraudulent online transactions. The present invention provides methods, systems, and computer program products for operating a fraud engine that is capable of accepting an IP address and a number of factors relating to an end user in order to determine whether a transaction is fraudulent.
The present invention also relates to methods, systems, and computer program products for calculating a travel velocity between two access locations, determining if a transaction is fraudulent based on a user's travel velocity between two access locations, and determining if a transaction is fraudulent based on a transaction frequency. The present invention further relates to methods, systems, and computer program products for authenticating a transaction by comparing one or more factors stored in a cookie on a client device with one or more factors stored in a behavior profile associated with a user.
2. Description of the Related Art
The ease of hiding an identity on the Internet makes it difficult for financial services organizations to carry the “know your customer” mantra to the online world. In 2003 alone, Internet-related fraud accounted for 55% of all fraud reports according to the Federal Trade Commission, up nearly 45% from the previous year. In order for financial services organizations to continue successfully serving more of their customers online, creating a safe and secure environment is a top priority. Accordingly, there is a need and desire for a methods, systems, and computer program products for detecting and preventing fraudulent online transactions as well as a need for methods, systems, and computer program products for authenticating online transactions.